You have just started contributing into a Defined Benefit scheme through your employer, the accrual rate the company pays is 1/80 or 1.25%, your final salary can be estimated by predicting that your current salary of 50,000 will grow at 1% a year (assume your salary is paid at the end of each year). You expect to work for this company until you retire, that is in 40 years-time. Calculate your pension income at retirement. Briefly explain the main advantages of Defined Benefits schemes compared to Defined Contribution schemes. Please write definitions and explanations too. its for 30 marks so need a bigger answer than the one already here. (30 marks)